Use the accounting equation to answer the following questions. 1.West Wind Sails Co. has total assets of $120,000 and total liabilities of $35,000. What is stockholders' equity? 2.Mercy Family Center has total assets of $225,000 and stockholders' equity of $105,000. What are total liabilities? 3.Cucina Med Restaurant has total liabilities of $40,000 and stockholders' equity of $95,000. What are total assets?

Question 5

Identify the impact on the accounting equation of each of the following transactions. 1.Purchase office supplies on account.
2.Paid secretary weekly salary.
3.Purchased office furniture for cash.
4.Received monthly utility bill to be paid at later time.

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...Homework Assignment 1:
MC 3. (A) MC 4. (D) MC 5. (B)
1) What are the three major business activities of a company that are motivated and shaped by planning activities? Explain each activity.
Investing Activities: consists of the acquiring and disposing of assets needed to produce and sell a company’s products or services. These assets may be long-term or short-term assets depending on the nature of the company.
Financing Activities: the methods companies use to fund the investments in assets to conduct their business. The financing will either come from equity, which is from the owner or retained earnings, or from creditors, which will need to be paid back and thus creates debt.
Operating Activities: refers to the production, promotion and selling of a company’s products and services. Costs are incurred through expenses on operating activity such as inventory, salaries, and material, and revenue is generated through sales. When revenue are higher than the expenses, the company has an operating profit, and the company has an operating loss when the expenses exceed the operating revenue.
2) The accounting equation (A=L+SE) is a fundamental business concept. Explain what this equation reveals about a company’s sources and uses of funds and the claims on company resources.
The equation reveals how heavily dependent a company is on debt versus owner and retained income. If money comes in from creditors, it reflects in liabilities, and if...

...Vocabulary Quiz Name _______________
Chapter11. An accounting principle that states that assets should be recorded at their cost.
2. Debts and obligations of a business.
3. Resources owned by a business.
4. The amount by which expenses exceed revenues.
5. An association of two or more persons to carry on as co-owners of a business for profit.
6. The amount of net income kept in the corporation for future use, not distributed to stockholders as dividends.
7. Assets = Liabilities + Stockholders' Equity.
8. Distributions of cash or other assets from an incorporated business to its shareholders.
9. The cost of assets consumed or services used in the process of ongoing operations to generate resources.
10. A financial statement that reports the assets, liabilities, and stockholders' equity at a specific date.
Solutions to Vocabulary Quiz
Chapter11. Cost principle
2. Liabilities
3. Assets
4. Net loss
5. Partnership
6. Retained earnings
7. Accounting equation
8. Dividends
9. Expenses
10. Balance sheet
Multiple Choice Quiz...

...CHAPTER 0NE: ANSWER
QUESTION ONE:
The definition of marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Furthermore, it is more than just “telling and selling” because the marketing now is in the sense of satisfying customer needs. This means if the marketer understands consumer needs and develops the products that provide superior customer value, prices, distributes and promotes them effectively, these products will sell easily. According to management guru Peter Drucker, state that “the aim of marketing is to make selling unnecessary”. In addition, selling and advertising are only part of larger “marketing mix” which means a set of marketing tools that work together to satisfy customer needs and build customer relationships.
QUESTION TWO:
There are five trends impact the marketing such as Uncertainty Economic Environment, The Digital Age, Rapid Globalization, The Ethic and Social Responsibility and Growth of Non-for-Profit Marketing.
The uncertainty economic growth is the faltering and uncertain economic caused many consumers to rethink their spending priorities and to cut back on their spending.
Second is the digital age which is recent technology boom which is created. The explosive growth in computers, communications, information and other digital technologies has had major impact on the ways company bring value to their customers....

...UNITS 1 – 10 ChapterExercises:
Linux Networking NT 1430
By S
September 21, 2014
• Chapter1 pg. 20 – 21 , Exercises1, 4
1. What is free software? List three characteristics of free software. Free software, in reference to Linux, is a matter of free liberty not price, as in “free speech”. Linux is free to study, redistribute and modify the source code as we see fit.
4. What is the Free Software Foundation/GNU? What is Linux? Which parts
of the Linux operating system did each provide? Who else has helped build
and refine this operating system? The GNU project was formulated by founder, Richard Stallman, in 1983. He along with others created a kernel and system programs that were compatible with the UNIX system. Linux (the name) was derived from the original developer Linus Torvalds and UNIX, which was developed by the students at the University of Berkley, utilizing Linus’ systematic ideas. Students at Berkley contributed to the UNIX portion, which became known as BSD and System V versions. Richard Stallman in 83’ created a functioning OS using the kernel and system programs for free distribution and modification. Other developers (Doug Comer and Andrew Tanenbaum) created stripped down versions of the system.
• Chapter 2 pg. 50 Exercise11. Briefly, what does the process of installing...

...﻿Introduction to Book-keeping
Fill in the blanks in the following sentences from the selection of terms given at the bottom of the page.
1 The recording of accounting data is known as .
2 A change in the position of a business, i.e. the transfer of value from one to another, is a .
3 A person to whom money is owed for goods is a .
They have given the firm ___________.
4 A person who owes money to the firm is a .
They are in ______ to the firm.
5 Resources supplied by the owner is called ____.
6 The actual resources in the business are called ___.
7 When someone other than the owner has supplied some of the resources the amount owing for these are .
8 ASSETS = CAPITAL + LIABILITIES
This is the Equation.
ACCOUNTING ASSETS BOOK-KEEPING CAPITAL
CREDIT CREDITOR DEBT DEBTOR
LIABILITIES TRANSACTION
Exercises
1.1 You are to complete the gaps in the following table:
Assets Liabilities Capital
£ £ £
(a) 12,500 1,800 ?
(b) 28,000 4,900 ?
(c) 16,800 ? 12,500
(d) 19,600 ? 16,450
(e) ? 6,300 19,200
(f) ? 11,650 39,750
1.2 You are to complete the gaps in the following table:
Assets Liabilities Capital
£ £ £
(a) 55,000 16,900 ?
(b) ? 17,200 34,400
(c) 36,100 ? 28,500
(d)...

...chapter1
INTRODUCTION TO FINANCIAL STATEMENTS
● the navigator
● ● ● ●
✓
Scan Study Objectives Read Feature Story Scan Preview Read Text and Answer Do it! p. 5 p. 11 p. 18 p. 20 Work Using the Decision Toolkit Review Summary of Study Objectives Work Comprehensive Do it! p. 23 Answer Self-Test Questions Complete Assignments Go to WileyPLUS for practice and tutorials Read A Look at IFRS p. 42
study objectives
After studying thischapter, you should be able to: 1 Describe the primary forms of business organization. 2 Identify the users and uses of accounting information. 3 Explain the three principal types of business activity. 4 Describe the content and purpose of each of the financial statements. 5 Explain the meaning of assets, liabilities, and stockholders’ equity, and state the basic accounting equation. 6 Describe the components that supplement the financial statements in an annual report.
● ● ● ● ● ● ●
2
The Navigator is a learning system designed to prompt you to use the learning aids in the chapter and to set priorities as you study.
feature story
Many students who take this course do not plan to be accountants. If you are in that group, you might be thinking, “If I’m not going to be an accountant, why do I need to know accounting?” In response, consider this quote from Harold Geneen, the former chairman of IT&T: “To be good at your business, you have to know the...

...Exercise1
XXXXX
XACC/290
August XX, 2014
XXXXXX
E3-4
Describe each transaction.
1. The company issued shares of stock to stockholders’ equity increased for the month.
2. The company purchased equipment for $1,000 cash and $4,000 on account.
3. The company purchased supplies for $750 cash.
4. The company receives $4,100 in cash revenue and $5,400 in accounts receivable.
5. The company paid $1,500 cash for accounts payable.
6. The company paid a $2,000 dividend.
7. The company paid $800 cash for rent.
8. The company received a payment for accounts receivable.
9. The company paid its employees’ salaries in the amount of $3,000.
10. The company paid their utility expense on account.
Determine how much the stockholders’ equity increased.
The stockholders’ equity increased by $3,600.
Compute the net income for the month.
The net income for the month is $25,600.
E3-9
Journalize
Date ____ Account Title ____ Debit Credit_______________
May 4 Supplies $700
Accounts Payable $700
7 Accounts Receivable $6,800
Service Revenue $6,800
8 Accounts Payable $850
Supplies $850
9 Cash $1,000
Equipment $1,000
17 Salary $530
Expense $530
29 Cash $1200
Prepaid Insurance $1200
3-5A
Journalize...